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Ministry of Finance to change virtual currency regulation
The Russian Ministry of Finance has sent to all departments concerned a new package of bills on the cryptocurrency circulation regulation in Russia.
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Russia develops data leak monitoring platform
In 2021, Russia plans to launch a state-run platform to track phishing websites and personal data leaks. The new version of the “Information Security” federal project provides for 1.4 billion rubles to be invested in the development of this platform in 2021-2024.
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Bank of Russia to launch financial marketplace by year end
The Bank of Russia plans to launch a marketplace platform that will offer remote financial services and comparison of their prices.
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Russia to prohibit cryptocurrency turnover?
Miners will be unable to receive rewards in bitcoins and ethers if amendments proposed by the Ministry of Finance to the federal law on digital financial assets (DFA) are adopted.
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Visa’s country manager for Russia argues against government regulation of acquiring
Mikhail Berner, Country Manager Russia at Visa, told Kommersant about the role of government regulation in the payment market development.
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Almost 50% of Russians demonstrate appetite for loans and higher consumption after pandemic
Despite tough quarantine measures aimed at combating the coronavirus epidemic and notwithstanding summer forecasts, 48% of Russians managed to maintain or increased their income level, and 64% resumed their work in the former mode, Otkritie Bank’s recently conducted study reveals.
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Mishustin called banking sector Russian economy backbone
Russian Prime Minister Mikhail Mishustin sent greetings to the delegates of the II Congress of the Association of Russian Banks. The telegram was published on the government website on Thursday.
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Customers can use tokens to instantly buy air tickets
S7 Airlines’ solution made available on the Sberbank blockchain platform will allow airline ticket agents having accounts with Sberbank to instantly make payments to the airline through smart contracts. Tokens will be used to perform the settlements: this solution appeared in Russia for the first...
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How the pandemic affected Russian cashless payment market
The pandemic became a digitalization driver, and Russians rushed to digital applications en masse. QIWI studied how the cashless payment market changed in Q2 and which trends dominate the market. Among the most important findings: the virtual cards transaction value increased by 44% in...
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Extrajudicial procedure for personal debts write-off gets rolling in Russia
Amendments to Federal Law On Insolvency (Bankruptcy) 127-FZ took effect on September 1 to allow Russian debtors to be released from their overcommitments under a new scheme.
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Back-to-school season boosts payments through FPS
Wildberries reports the growing popularity of payments through the Faster Payments System (FPS), with the payment volume grew by 73% in the first half of August compared to July. The growth was driven by Russians’ shopping rush on the eve of the new academic year.
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Banks keep reporting outflow of foreign currency deposits
In June, clients withdrew over $600 million from their foreign currency deposits with the largest Russian banks.
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Russian Standard Bank launches contactless order and payment technology in restaurants
Russian Standard Bank implemented the Kate tablet based contactless menu ordering and bill payments with acquiring as part of this innovative service.
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Pandemic affects cash circulation in Russia
As a rule, Russians use cash more readily in spring and summer, but not in a pandemic, say findings of a new study completed by the SberData lab together with Platform OFD, an IT-company, on the analytical portal SberIndex.ru.
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Domestic money transfers grew by one third in Russia
The average amount of money transfer within Russia in 2Q 2020 increased by one third (33%) compared to the same period last year to reach 39.4 thousand rubles, say analysts of the Contact payment system (Qiwi Group).
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Russian Duma adopted law on cryptocurrency
The State Duma adopted in the third reading the Law “On Digital Financial Assets” (DFA). The document defines cryptocurrency, but prohibits its use in Russia to pay for goods and services.
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Banks clamp down on issuing credit cards in Russia
The ratio of approved applications for credit cards in Russia fell to 31% in May, having decreased by 8 percentage points over the year, reports the Equifax credit bureau.
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Putin signs law on financial marketplaces
Russian President Vladimir Putin signed two new laws on financial marketplaces. The latter allow citizens of the country to remotely compare and purchase various services from banks and management and insurance companies.
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Maxim Parshin unveils measures to support Russia’s IT industry at G20 ministers meeting
Deputy Minister of Digital Development, Communications and Mass Media of the Russian Federation Maxim Parshin took part in the meeting of the G20 ministers of digital development. In his speech he addressed special conditions to be created in Russia for the digital technology development.
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Cash volume in Russia grows to record high
In early July, the Bank of Russia announced that the amount of cash in circulation in the country had reached record high of 11.6 trillion rubles, that is, 80 thousand rubles per Russian, including prisoners, disabled people and babies.